Nigeria’s Stock Exchange Remains in Bears’ Zone with 0.01% Loss

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Adedapo Adesanya The oil market retreated on Thursday, as traders took profits after prices soared recently while the space worried that high interest rates may weigh on demand. During the trading session, Brent futures fell by $1.17 or 1.2 per cent to settle at $95.38 a barrel and the US West Texas Intermediate crude (WTI) declined by $1.97 or 2.1 per cent to close at $91.71 per barrel. The market had reached a 10-month high as some traders worried high oil prices would stoke inflation, encouraging the US Federal Reserve and other central banks to persist with rate hikes.

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

The demolition of structures under high voltage power lines in Lagos State has commenced. On Tuesday, Commissioner for Physical Planning and Urban Development in the state, Tpl. Anifowoshe Abiola, supervised the destruction of such properties at Isheri in Egbe-Idimu local council development area. The Commissioner said the exercise was embarked on after the expiration of ultimatum issued in the statutory notices served upon owners/occupiers of the affected structures. The demolition was carried out by a joint operation of officers of the Ministry of Physical Planning and Urban Development, Lagos State Building Control Agency, and the State Environmental and Special Offences Unit,

By Dipo Olowookere The need for women in Nigeria to be financially independent has been emphasised by wife of President Muhammadu Buhari, Aisha. Speaking at the graduation ceremony of the Women Empowerment Programme of Future Assured in Lagos on Thursday, Mrs Buhari tasked the graduands to use vocational skills to generate personal income and employ other women. The empowerment training for Lagos women, which graduated 2200 women in various skills is the second in the series organized to hold around the country. Kano recently concluded its own training. Mrs Buhari, speaking through wife of Lagos State Governor, Mrs Bolanle Ambode,

By Adedapo Adesanya HP Incorporated has announced the extension of HP Amplify, a first-of-its-kind global channel programme, to its vast ecosystem of more than 1,350 retail partners. Launched in the fall of 2020 to commercial partners, the new partner programme, built on a single, integrated structure provides the insights, capabilities and collaboration tools needed to drive digital transformation and growth as consumer buying behaviours continue to evolve. HP will begin to transition retail partners to the HP Amplify program beginning August 2, 2021, and continue through the calendar year. Built on a simplified and easy-to-navigate structure with two distinct retail

By Adedapo Adesanya Eight Nigerian startups have emerged winners of the Gitex Pitch Competition, Lagos Roadshow edition, held at the Eko Innovation Centre, Ikoyi last Friday. The winners at the Lagos Roadshow Event were Pocket Food, Fuspay Technologies, Byte, Africa Comicade, Get Equity, Alajo, Instant Rad, and Dataleum. The Lagos State Government, in partnership with Eko Innovation Centre, would be sponsoring these startups on an all-expense paid session to Morocco and Dubai for the Gitex Supernova Pitch Competition, where the entrepreneurs will pitch their ideas and compete on a global scale before fund managers and investors. Speaking at the event,

By Adedapo Adesanya It was an unlucky session for investors at the NASD Over-the-Counter (OTC) Securities Exchange as the unlisted securities market fell by 0.78 per cent on Wednesday, August 11. The duo of FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing Systems (CSCS) Plc surrender the NASD Exchange to the bears yesterday as they recorded negative price movements, failing to sustain the bullish trend of the previous session. FrieslandPlc ended the session at N127 per share after its share price dropped N4.95 or 4.1 per cent from the previous closing price of N122.05 per share. On the part of

By Modupe Gbadeyanka A paediatric centre in Lagos built in 1956, Agbala Pediatric Centre, which had earlier looked dilapidated, is now wearing a new look thanks to the intervention of Ecobank Nigeria. The decision of the lender to renovate the health facility has been commended by the Lagos State government. Agbala Pediatric Centre in Ikorodu area of Lagos State has contributed in no small way to maternal healthcare in the state. Ecobank Nigeria, which transformed the centre, said it was part of its Corporate Social Responsibility (CSR) effort directed at women and children. Managing Director of Ecobank Nigeria, Mr Charles

By Adedapo Adesanya The first trading session of the new week at the NASD Over-the-Counter (OTC) Securities Exchange ended bearish on Monday, May 4, 2020. The NASD Unlisted Security Index (NSI), at the close of transactions yesterday, fell by 0.05 percent or 0.38 points to settle at 700.35 points in contrast to 700.73 points it recorded at the previous session. In the same vein, the market capitalisation shed 0.5 percent or N280 million to settle at N514.46 billion compared with N514.74 billion it quoted at the last trading session on Thursday, April 30. Business Post reports that though the market

By Adedapo Adesanya The performance of the NASD Over-the-Counter (OTC) Securities Exchange was bullish on Wednesday as the market recovered some of its previous day’s loss. During the trading session, the unlisted securities market recorded a 0.10 per cent appreciation and this was because of a positive movement in the price of one of the bellwethers of the space. This was from the Central Securities Clearing Systems (CSCS) Plc, which appreciated by 0.63 per cent or 10 kobo to end the session at N16 per share in contrast to N15.90 per share it previously traded. As a result of this,